How To Close Out 2020 With Confidence (For Financial Advisors)
By Hillary Gale
2020 is coming to an end. It’s been so long since we’ve had better news than that. (Just kidding, 2020 had its bright spots). But seriously, 2020 is almost over, and if there was ever a time to reflect and plan for a fresh start, that time is now.
Personally, I experienced some high highs and some low lows. I knew friends and family members who were infected with Covid-19, but I’m blessed not to have lost anyone. I got married this year and successfully launched a business, but I also had to adapt to working from home and make massive adjustments to my other job, which is teaching writing at a state university.
I’m guessing you also experienced highs and lows this year. I personally think reflection is an important part of intentional living and high-level growth, but reflection is never more important than after (or during) a period of volatility.
Reflection allows us to take stock of where we went wrong and what we did well in reaction to a situation. This knowledge better prepares us to deal with what may come in the future and make changes to any less-than-adequate initial responses.
So with that in mind, read on to see how you can confidently close out 2020 and prepare for whatever 2021 may bring.
Reassure Your Clients
We’re all coming off a tough year. Many families in the U.S. and around the globe have lost loved ones to the pandemic. Many people have lost jobs or income, and have watched this year’s market volatility nervously. Although the markets have more than rebounded since the early lockdowns, volatility is still causing anxiety for investors.
With so much concern about financial futures, the end of the year is a good opportunity to help your clients reflect on any gains they’ve experienced and reassure them of historical trends that show the markets always recover from shocks and upsets. Increase their confidence by helping them prepare for what may come in 2021, even if that preparation is simply reminding them to handle their finances objectively, not emotionally.
If your team sends holiday cards annually, we think this is a good opportunity to write a note of reassurance to your clients. And if you’re really up to the task, include a small card or worksheet that will help them reflect and/or plan one small thing they can do to prepare for the next year in a positive way. Show them you’re invested in their well-being – they’ll appreciate it.
Celebrate Your Team
However many employees your firm has, your team has worked hard this year. They’ve likely fielded client concerns, adapted to new working conditions, taken on burdens like increased childcare, and suddenly become “teachers-from-home” while working full-time.
What can you do to celebrate them this year? If gift cards or gift baskets are out of the question, we recommend taking some time to recognize your teams’ accomplishments in 2020 and congratulate them for finishing out such a tough year. You might hold an informal awards ceremony and recognize individual strengths to let your team know you’re aware of their accomplishments.
Whatever you do, just let your team know they’re appreciated. Like your clients, they won’t forget your care for their well-being. Then they’ll be that much more likely to successfully tackle challenges with you in 2021.
Reflect On Personal Impacts
You also probably experienced some upset this year. If you or anyone you know was directly impacted by the virus, this may have caused you to feel anxious or worried for long periods of time. You probably also had to adapt to working from home, with or without other family members sharing the space.
Or, perhaps you experienced negative mental health effects. Extended isolation and being cooped up in the house for weeks or months was hard on individuals, marriages, and families. (I know I’ll never again take for granted the sweet bliss of being served dinner at a nice restaurant.)
However you were affected by the events of this year, take a few minutes to write those things down. Being aware of how this year affected you and writing it down can help you prioritize future plans. For example, if your family life improved with more quality time, take a moment to be thankful. If more time together was just plain stressful, plan how you’ll mitigate tension in the future.
Reflect On Business Impacts
Your business was likely affected as well. You probably experienced changes in how you conduct business, how you attracted new leads and clients, or even in the volume of your business. For some businesses, volume increased as people’s priorities changed. For others, they struggled because the pandemic upset their normal way of doing things and it wasn’t easy to adapt.
As a financial advisor, you may have experienced growth as a result of market volatility and people’s need to intentionally plan their financial lives. Luckily, most of your meetings could be held virtually. This is a good time to reflect on how you adjusted and look ahead to how you might continue to improve your clients’ experience next year.
But it’s also possible that you lost clients. If that’s the case, reflect on how those losses impacted your business. What might you do next year to increase your book of business? Do you need to expand your niche, or do you simply need to improve your marketing efforts? Use the time now to start planning what you’ll do differently in 2021.
Set (Realistic) Goals For 2021
Now it’s time to set your goals for the next year. I’m a strong believer in finding the balance between dreaming big and being realistic. If you set goals that are so outlandish or unrealistic relative to your resources, then you may not have any idea how to start working toward the goal, and no way to keep yourself accountable.
To set reasonable goals, start with goals that have realistic timelines and could be accomplished in actionable steps. For example, perhaps your goal is to increase your book of business by 2 new clients per month in 2021. This is a great goal because it’s specific and has measurable outcomes. Actionable steps for this goal might look like:
Setting up a referral bonus program for your current clients
Posting to your firm’s social media account at least once a week
Partnering with a personal finance copywriter to help you publish consistent content and improve your website’s SEO (call us at 480-353-1608, send an email to hillary@galecreativeagency.com, or book a free 15-minute consultation call here)
Networking with other professionals to build a circle of influence (aka a referral engine)
Whatever you do, don’t let your goals become discarded “New Year’s Resolutions” by February. What is one actionable step you can take every week starting in January that will help you meet that goal? If you have a weekly action written down, you’re more likely to stay on track!
Happy Holidays From Gale Creative Agency
We hope that the end of your 2020 is merry and bright, whether you’re spending the holidays with family members or enjoying a cozy smaller celebration at home. We’re looking forward to the new year and feeling hopeful about what it may bring.
For helpful tips on content marketing for your financial advisory firm, check out our blog. We write about writing, blogging, content marketing, and client onboarding – all for financial advisors.
Merry holidays!